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Neuberger Berman, MP refinance CLO notes; year-to-date refinancings nearly $100 billion
By Cristal Cody
Tupelo, Miss., July 19 – Two more CLO managers refinanced vintage deals.
Neuberger Berman Investment Advisers LLC refinanced $349 million of 2015 notes.
MP CLO Management LLC refinanced $381.95 million of notes in a reset of a 2013 CLO.
Nearly $100 billion of vintage CLOs have been refinanced year to date, market sources report.
Neuberger Berman refinances
Neuberger Berman Investment Advisers refinanced $349 million of global notes due July 15, 2027 in the Neuberger Berman CLO XIX, Ltd./Neuberger Berman CLO XIX, LLC transaction, according to a notice of executed first supplemental indenture on Tuesday.
The CLO sold $254 million of class A-1-R senior secured floating-rate notes at Libor plus 105 basis points in the senior tranche.
BNP Paribas Securities Corp. was the refinancing agent.
The CLO manager has priced one new CLO and refinanced two vintage CLOs year to date.
Neuberger priced two new CLOs and refinanced tranches from three vintage CLOs in 2016.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
MP refinances $381.95 million
MP CLO Management refinanced $381.95 million of notes in a reset of the 2013 vintage MP CLO IV, Ltd./MP CLO IV, LLC deal, according to a market source and a notice of revised proposed supplemental indenture on Tuesday.
The CLO sold $258 million of class A-R senior secured floating-rate notes at Libor plus 128 bps at the top of the capital stack.
BNP Paribas Securities Corp. was the refinancing agent.
MP CLO Management, formerly known as American Capital CLO Management, LLC, will manage the CLO.
The maturity on the refinanced notes was extended to July 25, 2029 from the original Oct. 25, 2025 maturity.
The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
MP CLO Management is a subsidiary of Greenwich, Conn.-based Marble Point Credit Management LLC.
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